# Cameron Dawson: Change (In the House of AI)

Page: https://stenobird.com/podcast/riskreversal-pod-1366742/cameron-dawson-change-in-the-house-of-ai
Text version: https://stenobird.com/podcast/riskreversal-pod-1366742/cameron-dawson-change-in-the-house-of-ai.md
Podcast: [RiskReversal Pod](https://stenobird.com/podcast/riskreversal-pod-1366742)
Published: 2026-07-24T09:00:00+00:00
Episode link: https://traffic.megaphone.fm/RRM3929798647.mp3
Audio file: https://traffic.megaphone.fm/RRM3929798647.mp3
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JSON: https://stenobird.com/v1/public/podcasts/riskreversal-pod-1366742/episodes/cameron-dawson-change-in-the-house-of-ai
Duration seconds: 3277

## Resource

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing. LEARN MORE: https://apexfintechsolutions.com/?utm_source=Risk+Reversal&utm_medium=Podcast&utm_campaign=701PJ00000fnXhaYAE Cameron Dawson, CIO of NewEdge Wealth, joins Dan Nathan to break down her "Metallica Market" outlook and why the hyperscalers are undergoing a fundamental transformation — from capital-light monopolies to capital-intensive AI infrastructure builders. They dig into Google's first negative free cash flow quarter since 2004, why 80% of its Q2 earnings came from a one-time $99 billion investment gain, and whether the Mag 7's current dominance echoes the Nifty Fifty and dot-com eras. Cameron also lays out the risk that 2027 S&P earnings estimates could be near their peak, why semiconductors (now 19% of the index) are driving the bulk of 2026's earnings growth, where she still sees strength in financials, and what a Fed Chair Warsh rate move next week could mean for stocks heading into a seasonally choppy back half of the year. Checkout Cameron's 'Metalica' note at NewEdge: https://www.newedgewealth.com/mid-year-outlook-the-metallica-market/ —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence…

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## Transcript

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